Anil Singhvi strategy May 9: Important levels to track in Nifty50, Nifty Bank

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the May 9 session on Dalal Street. Check out his take on the Indian share market, and key support and resistance levels for the Nifty and the Nifty Bank.

Zee Business Managing Editor Anil Singhvi sees support for Nifty50 coming in at 18,000-18,100 levels on May 9.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 18,150-18,200 levels and a strong buy zone at 18,050-18,100 levels on Tuesday, May 9. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, and Axis Bank, he sees support emerging at 43,000-43,075 levels and a strong base at 42,675-42,825 levels.

Here's how Anil Singhvi sums up the market setup on May 9:

Global: Neutral
FII: Positive
DII: Neutral
F&O: Neutral
Sentiment: Positive
Trend: Positive

For the 50-scrip headline index, he expects a higher zone at 18,300-18,350 levels and a strong sell zone at 18,400-18,450 levels. For the banking index, he sees a higher zone at 43,475-43,575 levels and a profit-booking zone at 43,675-43,750 levels.

TRENDING NOW

FII index longs at 49 per cent on Monday vs 47 per cent the previous day
Nifty put-call ratio (PCR) at 1.10 Vs 0.85
Nifty Bank PCR at 0.90 Vs 0.59
Fear index India VIX up three per cent at 12.64

ANIL SINGHVI MARKET STRATEGY

The market wizard believes a strong support zone for the Nifty 50 exists at 18000-18100 levels, with the first sign of weakness expected below 18,000. Singhvi is of the view that the dips should be utilised to buy midcap and smallcap shares.

For existing long positions:

Nifty intraday and closing stop loss at 18,050
Nifty Bank intraday and closing stop loss at 42,950

For existing short positions:

Nifty intraday and closing stop loss at 18,300
Nifty Bank intraday and closing stop loss at 43,750

For new positions in Nifty:

Buy Nifty with a strict stop loss at 18,100 for targets of 18,300, 18,350, 18,400, 18,425, and 18,450
Sell Nifty in the 18,400-18,450 range with a stop loss at 18,525 for targets of 18,350, 18,300, 18,275, 18,250, and 18,200

For new positions in Nifty Bank:

Buy Nifty Bank with a strict stop loss at 42,950 for targets of 43,350, 43,425, 43,475, 43,575, 43,675, 43,725, 43,850, and 43,950
Aggressive traders can sell Nifty Bank in the 43,575-43,725 range with a strict stop loss at 43,800 for targets of 43,500, 43,425, 43,350, 43,275, 43,225, 43,075, and 43,000

F&O ban